Coronavirus is definitely only a newly developed life-form making an attempt to quiet down. It is a routine course of that’s repeated a billion occasions.
It is only a quirk of destiny that people are at a receiving finish of this course of, however in the long term, the larger image doesn’t look actually grim if we had not invented a spanner that we preserve throwing within the pure techniques and disturbing them.
Money, as we now have outlined it’s the greatest drawback that can hurt humanity way over the virus if we don’t put a curb on its actions and as a substitute simply restrict our counter-action to sending people to lockdown.
Money is a social contract that permits us to park our efforts in time. It permits us to “store” our efforts and recall them after we want them, whereby we will work as we speak and produce what we will’t devour however can nonetheless achieve from it later. It is an excellent concept, however provided that we’re not grasping. If we begin hoarding money, we will find yourself destroying the planet as we’re doing now.
While money wants a long run answer to save lots of the planet, in brief time period, as coronavirus is sending us people to work from home, there may be one pressing and dire want.
Money ought to be stopped from working from home.
The most vital financial step that not simply India however the world ought to urgently take is to cease all curiosity incurring on money that’s saved or lent.
Due consideration could also be given to senior citizen’s saving or PF and EPF money, however so far as business lending is worried, the clock should cease.
If we glance again on the historical past of the Julian calendar, it has been usually realigned however including or truncating months. We now have a chance to do this for a greater trigger.
The world must reschedule (not less than at this level) the month of April by 30 days and begin recounting the yr. Looking on the delayed seasons internationally, it might even be a rescheduling extra aligned with altering seasons. We have to have a month the place the money is disallowed from rising by itself.
Looking on the present state of affairs, we could even want greater than a month if we wish to save the world financial system from spiralling down into collapse.
It is evident that people made to serve the curiosity of the mighty deity of money shall be going through a double whammy of no influx of revenue resulting from lockdown and outflow by way of curiosity. It is an unsustainable equation for a lot of companies and they’ll haven’t any choice however to fold.
While the world could go sluggish on this, India has an actual have to hurry as a result of we’re a nation the place money earns essentially the most. Due to our extraordinarily, and looking out on the quantity of NPA we now have, in all probability unsustainable and irrationally high-interest charges, we now have no selection however to do that instantly.
After corona recedes, Indian economists additionally have to get up and ponder over the rates of interest that we now have. Thanks to our rates of interest, India has by no means been in a position to have a meritocracy, because the shylock is the mightiest enterprise companion that each Indian entrepreneur, nevertheless progressive or good has to dwell with that calls for a pound of flesh.
Indian financial system seems to be passing by way of a troublesome time and should seem susceptible proper now, however coronavirus induces change in world order might be an amazing alternative for our entrepreneurs. A well timed intervention now might be a transformative transfer for India in the long term.
DISCLAIMER : Views expressed above are the writer’s personal.